Futures traders at Bitcoin (BTC) made at least $ 20 billion in daily turnover last week as two new options products prepared to reach the market.
According to data released by the CME Group Futures Provider on January 9th, futures contracts alone saw an open interest of nearly 70% higher compared to the end of 2019.
“Serious” size precedes options for the first time
Open interest was among the highest rates last week, but lagged significantly behind the peak seen at the end of June.
At that time, BTC / USD was flying its local high of $ 13,800, while the past seven days saw a price hike of $ 8,400.
As reported by Cointelegraph, interest increased in the run-up to the CME launch of future Bitcoin options. Officials may launch the launch on Monday after “regulatory approval”, officials claim, as the data is already posted on the company’s website.
On Saturday, meanwhile, Bitcoin derivatives quietly exchanged FTX with their Bitcoin option products.
According to aggregate volume data for future Bitcoin products by analyst Skew Markets, global futures trading volume exceeded the $ 20 billion mark on January 8 alone.
Option traders are betting on $ 12,000 in BTC
Skew added that her numbers were not comprehensive, indicating that the actual total might be slightly higher. Currently, Huobi and OKEx exchanges dominate volume, along with the strong BitMEX market.
Meanwhile, FTX is seeing calls for Bitcoin trading at $ 12,000, one month after the bonus was cut in half in May. Calls are at $ 430. In other words, for every $ 430 above the $ 12,000 threshold, the investor returns to double.